Early in the video, Durrett points out that gold remains in a bull market, and notes that all of the selling took place in New York, where gold is not bought, only sold, and also correctly makes the claim that the U.S. central bank - the Federal Reserve - does not buy gold, which is indeed the case, though all other central banks around the world, and especially in the East, are buyers of gold.
What makes the case for the selloff in New York all the more plausible and all the more fake (Durrett calls it a "bankster" selloff") is that the mainstream media - from Bloomberg to Yahoo! to Reuters - have been spouting off about gold and silver being "overbought" or "overextended" for weeks prior to Friday's and Tuesday's massive downdrafts. When was the last time the mainstream financial media said the NASDAQ, S&P, or stocks like Nvidia, Google, Amazon or Apple were "overextended?" The answer to that is simply never. Peons and muppets are not supposed to hold assets that are stores of value. They are guided to buy stocks, the prices and movements of which are guided by the owners of the Wall Street casino, the big banks and brokerages.
Now, it may have been the case that precious metals were in an overbought condition. Gold and silver have been the best asset performers all year, far outpacing stocks and rambling on ahead of Wall Street's latest scheme, crypto. Even with the falloff from Tuesday included, over the past month, gold remains up 7.37%, silver, 7.49%, while bitcoin has lost 5.78%. Incidentally, over the past month - from September 21 to October 22 - the S&P 500 is up a paltry 0.62%.
Other considerations which gold and silver proponents should be well aware are the enormous moves made by both of the precious metals in a short period of time. Two years ago, around October 23, 2023, gold was $2,000, and silver was $23. They've each more than doubled over the past two years, which, considering gold is still above $4,000 and silver is holding around $48, puts the selloff into context.
All indications point to coordinated selling on the NYMEX, GLOBEX, and COMEX of paper gold and silver contracts, not actual metal. There has been no news regarding relief in the silver shortage in London, the precious metals ETFs in India which suspended opening of new accounts - Kotak Mutual Fund and UTI Asset Management - have not re-opened to new money, the ongoing silver supply shortage reamins in its fifth year running, the world's central banks continue to buy gold, and investment professionals have recently begun to advise allocating anywhere from 10 to 20 percent of portfolios to precious metals.
What the sudden falloff - among the largest one-day declines in the prices of gold and silver - in precious metals suggests is that the Wall Street insiders needed a better entry point for their high net worth clientele, and battered the price lower to accommodate themselves. Unbeknownst to most people is that while JP Morgan and Citibank operate some of the most sophisticated short-selling operations to suppress the prices of gold and silver, they are at the same time long the metals in the banks' proprietary accounts.
The bull market in gold and silver, which likely began in earnest in January of 2024 for both, is still in its early stages and the pullback offers another entry point for those wishing to secure their futures and escape the debt-based rat trap set by governments and bankers.
For those unconvinced that gold and silver have significantly more upside, the following questions should be entertained:
The CPI reading for September that, due to the government shutdown, has been delayed until this Friday (October 24), show the Fed is closer to its two percent target, and, even if it is, who trusts the figures from the BLS?
Will the Federal Reserve lower interest rates at next week's FOMC meeting (October 28-29)?
If and when the federal government reopens, will the House, Senate, and the President suddenly resolve to cut the deficit significantly?
Honest answers to those questions imply that gold and silver have much higher price targets ahead of them and the trend remains bullish.
Another area worth looking into are the actions of President Trump, especially concerning tariffs and trade relations with China. Just yesterday, the president inked a deal with Australia to jointly produce rare earths after China imposed export controls on the critical ores.
Upon signing the deal, Trump boasted, "In about a year from now, we'll have so much critical minerals and rare earths that you won't know what to do with them."
Trump's statement is simply untrue. First, the agreement is merely a framework for cooperation between the two governments. There are few specifics, and the timing of the deal, along with Trump's boasting, indicates that the U.S. is desperate to obtain rare earths and critical minerals now that China has weaponized them in the ongoing trade war. There's little chance that Australia and the U.S. together can produce the amount of ore that America needs and produce it quickly enough to even approach China's substantial lead.
According to the U.S. Geological Survey (USGA), in 2024, China produced 270,000 tons of rare earths and has 44 million tons of reserves. By contrast, Australia produced 13,000 tons and has 5.7 million tons of reserves, and the U.S. produced 45,000 tons and has 1.9 million in reserves.
Trump's endless barrage of tweets and boasts serves only to persuade the few remaining fawning MAGA supporters that he's keeping his America first promises. Anybody who's ever been around real winners in life, be they in sports or business or any other human endeavor, knows that champions don't have to boast about their accomplishments. Hank Aaron, who for years was baseball's all-time home run hitter, was a modest man with a firm handshake and quiet confidence. Tom Brady doesn't go around reminding people that he won seven Super Bowls. Warren Buffett, one of the wealthiest men in the world, drives a 2014 Cadillac.
Man and women who have achieved great things exude an air of confidence that runs counter to Trump's constant boasts, threats, and bragging on social media and in his public appearances. Much of what he claims - outside his success at closing the border - is exaggerated and often fallacious. The president has a need to maintain an atmosphere of America's dominance, when the reality is that the country is in a severe state of decline.
Most of what comes out of "official" Washington is little more than bluster and blather. As such, it is meaningless in the larger, longer term outlook most serious people maintain. That's why gold and silver will continue their march higher soon enough and the boasts and extended narratives of 21st-century America will be revealed as nothing more than empty rhetoric.
There's little that Trump or congress or anybody can do to change the direction of world events. The BRICS and China, Russia, and India are eating the West's lunch. Putin, Xi, and Modi laugh at the half-truths and superficial posturing of the West. America and Europe are in a state of terminal decline and the sooner the managers (they are not "leaders") of the Western developed countries come to grips with this reality and offer their people more than platitudes and sanctions against other countries the sooner they can begin to accept their role in the emergent new world order in which Asia, gold, and cooperation make the rules and fiat, debt-based currencies, sanctions, and empty promises become a thing of the past.
At the Close, Tuesday, October 21, 2025:Dow: 46,924.74, +218.16 (+0.47%)
NASDAQ: 22,953.67, -36.88 (-0.16%)
S&P 500: 6,735.35, +0.22 (0.00%)
NYSE Composite: 21,571.16, -27.01 (-0.13%)
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